My first real milestone

[lostinneverland]

I am a long time reader of this forum and find it very helpful with a lot of my questions. My wife and I just hit a milestone of saving over 100k in one year. We were very proud of reaching this but then felt a bit lackluster as there is a long way to go. Anyways I just want to say thank you to the many contributors that help with insight and advice.

Cheers

 

[laurence]

Hey congrats! 100k is a HUGE milestone! You have reached the next level of financial independence. You aren't trapped in your job if it becomes too much, you can take a risk to further your career, you don't have a stomach ache when the car breaks down wondering how you'll pay for the repair....I'm 42 and I have classmates on Facebook still posting about hoping the car makes it a few more months without a repair. It's good to look away from the ultimate goal now and then and celebrate and have gratitude for the amount of freedom you have already achieved!

 

[exnavynuke]

I am a long time reader of this forum and find it very helpful with a lot of my questions. My wife and I just hit a milestone of saving over 100k in one year. We were very proud of reaching this but then felt a bit lackluster as there is a long way to go. Anyways I just want to say thank you to the many contributors that help with insight and advice.

Cheers

You saved almost double the average household income in one year, that's quite impressive imo. With a savings rate like that, the "long way" to go will be a lot shorter than many people would have. Good job

 

[Blue Collar Guy]

100k in 1 year, awesome,

 

[Major Tom]

Welcome lostinneverland, and +1 to what everyone has said so far.

I'm 42 and I have classmates on Facebook still posting about hoping the car makes it a few more months without a repair.

Me too. Most of my friends have little in savings, though the majority of them are smart and adaptable enough to always manage. I do have one or two friends though who, as well as living from paycheck to paycheck, don't have the financial and planning skills to adapt quickly to whatever might come their way. One in particular has a rather limited social network in addition. I really worry about these people.

Anyway, to get back on track with the happy mood of this thread, congratulations lostinneverland - and here's to the next 100K, and the next one, and the next one........!

 

[dallas27]

Wow, I've only been able to pull that feat off once, I don't expect to ever make it again either. Certainly something to celebrate.

 

[Ronstar]

Congrats! It won't take long to make a nest egg at that rate!

 

[Bryan Barnfellow]

I agree with everyone -- 100K is a great achievement and an excellent start. Two suggestions: you and your spouse might celebrate with a truly nice dinner out every time you hit a milestone (such as every 100K). Also, sit down and calculate what 100K will be worth (in nominal terms) at the time of your expected FIRE event, assuming simple linear growth. For example, at 5% compounded annually, in 15 years it would be worth about 208K. Twice as much as you've saved.

-BB

 

[brucethebroker]

Congrats!

It would be interesting to see a survey based on how many Americans have EVER saved that much in one year. Quite sure you would be in a very small minority!

 

[NgineER]

Wow-congratulations!

 

[Bryan Barnfellow]

It makes me think of Woody Allen's famous answer to the question, "What is the secret to a long life?"

His answer: "Not dying."

-BB

 

[scrabbler1]

Does "saved" include market gains and investment earnings on your portfolio? I didn't have my first +$100k year until I turned 40, and that included a strong market year (2003) and my company stock zooming upward. It's a remarkable achievement, I hope you can have more of them.

 

[lostinneverland]

Nope saved is purely saved from w2s